August 23rd, 2017 by Elma Jane
Over the last couple of years, the payments processing industry has had a major shakeup. Electronic payments are the new payment form to watch.
It’s hard to imagine that online shopping used to require you to mail a check or money order to the seller. Forget about sending your credit card information in an email.
In 2015, Apple launched Apple Pay. While usage was low at first, it quickly grew the following year. Competitors such as Samsung and Android have introduced their own digital wallets.
In a world where hackers and skimmers have customers and merchants on edge, payment security is a high priority. Digital wallets make transactions secure by removing the card from them altogether.
Credit card credentials are saved in a digital wallet on a smartphone. The customer can then make payments by placing their phone near a reader and authenticating it on the screen.
Many large companies have adopted digital wallets as a method to accept payments. You can even use Apple Pay in some drive-thrus.
Accepting digital payments is relatively simple. Most are compatible with other contactless Point of Sale systems, and they don’t even charge extra fees for transactions.
Credit Card Processing in the Modern Age
Technology is moving faster than ever, and it’s taking credit card processing with it.
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Posted in Best Practices for Merchants Tagged with: contactless, credit card, credit card processing, customer, Digital wallets, electronic payments, finance, merchants, payments processing, point of sale, Security, smartphone, transactions
October 13th, 2014 by Elma Jane
Non-cash payments volumes are expected to increase by nearly 10% percent to reach 366 billion transactions in 2013, fueled by strong growth in developing markets and mobile payments.
Overall, more than half of global non-cash payment growth comes from developing countries despite them only making up one quarter of the market size at 93 billion transactions. China remains a relatively underdeveloped market for non-cash transactions but its population and growth rate suggest in certain conditions that it could soon outstrip the US and Euro-zone within the next five years.
China is one to watch over the coming years, with the report showing that if growth rates remain at the current high level, it could become the largest market for non-cash transactions within just five years. These soaring growth rates in key markets put pressure on the global payments arena to innovate to meet rapidly increasing consumer demand.
Increased use of tablets and smartphones is creating a convergence of e- and m- payments, posing new challenges for Payments Services Providers (PSPs). In 2015, m-payments are projected to grow at 60.8% while e-payments growth is forecast to decelerate to 15.9% annually over the next year, as more people use mobile devices to make payments.
This trend is adding to the pressure on PSPs to modernize their payments processing infrastructures, ideally based around a single integrated payments platform for corporate and retail payments and a central hub.
The growth of the industry coupled with the fast pace of new regulation requires flexibility from PSPs to adapt, initiatives such as real-time payments, pressure on card interchange fees and improved payments governance as examples of cascading regulation.
Posted in Best Practices for Merchants Tagged with: card, card interchange fees, consumer, e-payments, global payments, m-payments, Mobile Devices, Mobile Payments, Non-cash payments, payments platform, payments processing, Payments Services Providers, psps, real-time payments, retail payments, Smartphones, tablets, transactions
